Did you live off of student loans while in school?

labman · May 26, 2005

I payed as I went for the first 2.5 years. For the last 2 years I probibly have to take out loans . I had enough so I could pay for college but I gave my parents a 10,000 loan b/c they were going through temperary money problems (they always help me out I am glad I could do something for them). I will have to take out loans next couple of years. I don't really care. Most hospitals help you pay it back when you get your degree when that ever happens!!

Have an awsome summer students and non students

KENT

LilRedRN1973 · May 26, 2005

My husband and I just graduated Tuesday night with our Associate Degrees (my Associate of Applied Science in Nursing and he with an Associate of Arts - General Studies and an Associate of Arts - Criminal Justice). We did it without any loans...BUT he had his GI Bill from being in the military. He received $1400 per month while in school for attending full time while still being employed full time. Had he not been getting that money (which paid for my nursing school in addition to his school), we would have had to get loans for sure.

My brother in law and sister in law have just completed their Doctorate in Dentistry this past weekend in Wisconsin. I believe by the time they are through with their Periodontal degrees, they will have accrued about $500,000 of school debt.. :uhoh3: :uhoh3: :bugeyes:

Melanie = )

Ami_J · May 26, 2005

Yes, I lived off my student loans. I worked part time for awhile, but clinicals made it hard to get hours. With the costs of school plus what I took out for living I now owe $60,000 which I will begin paying next month! Yikes!

redwinggirlie · May 26, 2005

I did use the student loan to help through school. The interest rate is near nothing and, now that I'm financially secure, my debt is dwindling down. I had and have no problems using the loan. I needed it to get through school. I couldn't have done it without it. Yes, it is nice living within your means, but when your means is near nothing and you don't have anyone but you to count on, loans make a difference. It might make a difference for you, too, since you have a family and need to make your own ends meet.

What I did do in using those loans is cut out the luxuries: cable, internet, cell phone, going out whenever and wherever..... I used it for rent and utilities and food, of course. Whatever was leftover, I saved and later made a decent payment to that very loan (money put in a savings acount with interest).

Each one of us has a different means and a different story to getting through school. I did not come from a wealthy family and it was up to me to make things happen.

Princess74 · May 27, 2005

I wanted to take out extra loans for the cost of living but I have bad credit. Anyone have any suggestions. I tried to get the pell and I was turned down. Got the stafford for 11k and had to finance the rest through my school at 12%intrest:crying2: I will owe 19k in a year when I am finished. Does anyone know where I can get some help with loans or grants?

trendz80 · May 27, 2005

I agree with what you are saying, I wish I could pay as I go. I do not work and my husband is out of a job as well. I am attending a private school where it is $582 per credit. I will finish in December 2006 (accelerated 18 month program). I have to take out loans because we cannot pay as I go. My first semester along with the fall semester I have to pay $8000. That has to be paid before the summer session starts which is July 5th. I could not get into any community colleges, because out here in NYC, there are long waiting lists and everyone is applying because it is so cheap. If I could have got into a community or City College in New York city that offers nursing, I would have went. I would have loved to come out with no debt. That is how I did it with my first undergraduate degree.

Don't live off of loans. You don't want to graduate with thousands of dollars of debt.
I can pay as I go, too. Or they also have a monthly payment plan. The community college is only $1000 per semester, which is insanely cheap, but there are a lot of people that can't afford that, even. Or they could but they have different priorities.

Curious1alwys, BSN, RN · May 27, 2005

This question really is very individual. I am considering living off of loans for the first couple semesters. I will drop to part time at my current full time job when school starts, but if I feel I need more time to devote to school, and nursing is what I want to do.......by all means I will live off of loans. But then again, I stand to make so much more by going into nursing.

I don't think I would want to work full time days and then go to school full time nights. I would most likely get another job if I had to part time, if you do in fact currently work full time, and then use aid to make up for the rest.

Personally, I feel that some income to cushion the blow of financial aid is best...part time job is doable...

Financial aid also depends on how much $$ you make. You would have to quit your job and then fill out special forms with your school several weeks AFTER you've quit to see if you can get additional aid. That is how it is going to work for me. Because financial aid doesn't calculate in the debt you have already, the government basically told me that my husband and I made too much and should be able to pay for my school. I only qualified for unsubsidized financial aid, only up to $3,500, which, by the way is only need based and your credit score is not taken into account.

Look into it. You can start school and then modify if need be. I understand you wanting to focus on school though but you gotta do what you gotta do, right? Good Luck!

nurse_1098 · May 27, 2005

I lived off a student loan, many years ago. It took a few years after to pay it off, and it was a bit of a struggle. I had to spend sparinggly, and I lived in nurses res while training which was much less per month thank an appartement, by far. I stayed in, ate lots of sandwiches and K.D.... dining out was extremely rare and I'd get boxes of food when I went home to help me make it on my loan. I made it... it does take sacrafices, but it can be paid back once you are done and working.

Enjoy the lean years, the years of education because you are learning more than just nursing now, you are learning to appreciate all that is to come, and truly, some day you can and will look back on the lean years with fondness as you let memories fade somewhat and romanticize about the times you spent with your peers :beer: . (LOL... I do sound old now - really I'm not 80 years old, merely in my 40's!)

eden · May 27, 2005

Well I chose to get student loan and not work so I could concentrate on my studies. For me this was the best option ( though I am single so no one else to pay for) and I would work through the summer. I got about $10,000 in burseries that were applied directly against my loans and have been making big payments on my loans. While I don't like being in debt, it was my only real option and I am having no trouble paying it off.

ArmyKitten · May 27, 2005

Not trying to sound like an advertisement here, just wanting to let you know that this option is available--

If you are interested in the military, you can get all of your finances covered. 4 years of tuition, all my books, complete room and board, plus 400$ a month are the benefits that I had. I will graduate in December without a dime of debt. Not having to pay for school has allowed me to not need to work and be able to focus on school.

Then again, Army nursing is what I want to do- not something that I choose so that I could get my schooling paid for. However it is one way to get through school, and you only owe 4 years to the military post-graduation.

Its not a decision to be taken lightly, but the option is available if you are interested.

Daytonite, BSN, RN · May 27, 2005

I'm truly struggling, trying to figure out a way to attend school full-time during the day, so that I can have nights with my family. Unfortunately, we would really take a hit without my income (or at least a good portion of it). I REALLY want to devote full-time to school so I can give it my complete focus.
Is it a pipe dream to assume my family could live off student loans while I'm in school??:uhoh21:

I don't know what's out there now, but I went through nursing school on a National Student Defense Loan. I used it to pay for my living expenses, textbooks and uniforms (we didn't have to pay tuition in California at that time). I was unmarried and had a roommate. We lived in a studio apartment. There was a fellow in our class who was on welfare and was getting food stamps on top of all the other kinds of student aid he got. He got through the program though!

MS Kathy · May 27, 2005

This is my biggest expense even with their dad covering half (if he covers half like he's supposed to.)

I'll be in school an hour away with 4 kids needing to be in 3-4 places at the same time depending on the day- but I will be on my way to school long before they can get dropped off at early dropoff. By the time I make it home, I wouldn't be able to afford childcare while I worked because any paycheck I got would cover only that.

I'm still waiting to hear from my school about what I actually get- but I couldn't get a state grant (committing to 2 years of service) because it looks like I qualify for a Pell Grant. So I'm hjolding off committing to a hospital for their education benefits as a last line of defense- just so I don't have to be stuck somewhere for 2 years.

Kathy

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I also have 6 kids, 4 of whom attend private schools, 1 who is in free gov't preschool, and the baby who costs me SO MUCH in childcare. I don't think I'll be able to handle work and be a mom to them too at least the first semester. I am going to take any and all loans I can and beg for mercy at their schools. Subsidized, unsubsidized, and alternative. Then I plan on having a steady loan payment for years and years. Luckily, we have no other debt right now, but I'm not even sure the amount of money I need will be available to me in loans. If figure the first year I may need up to $10,000. Next year I will have a head start and hopefully get some scholarship money.